Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $56.00 Price Target at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price reduced by Oppenheimer from $60.00 to $56.00 in a research report released on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the biopharmaceutical company’s stock.

CRBP has been the topic of several other reports. Jefferies Financial Group lowered their price target on shares of Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. StockNews.com upgraded Corbus Pharmaceuticals to a “sell” rating in a report on Thursday, March 6th. William Blair began coverage on Corbus Pharmaceuticals in a research report on Friday, February 28th. They issued an “outperform” rating on the stock. HC Wainwright dropped their price objective on Corbus Pharmaceuticals from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Wedbush reissued an “outperform” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a research note on Wednesday, March 12th. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Corbus Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $50.88.

Corbus Pharmaceuticals Stock Performance

CRBP stock opened at $6.45 on Wednesday. Corbus Pharmaceuticals has a one year low of $4.64 and a one year high of $61.90. The company has a fifty day moving average of $6.33 and a 200-day moving average of $10.85. The stock has a market capitalization of $78.90 million, a PE ratio of -1.38 and a beta of 3.19.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.13). Equities analysts forecast that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Velan Capital Investment Management LP lifted its holdings in shares of Corbus Pharmaceuticals by 13.4% during the 4th quarter. Velan Capital Investment Management LP now owns 56,700 shares of the biopharmaceutical company’s stock worth $669,000 after acquiring an additional 6,700 shares during the period. Two Sigma Advisers LP acquired a new position in Corbus Pharmaceuticals during the fourth quarter worth approximately $130,000. Two Sigma Investments LP raised its stake in Corbus Pharmaceuticals by 212.3% during the fourth quarter. Two Sigma Investments LP now owns 134,175 shares of the biopharmaceutical company’s stock worth $1,583,000 after purchasing an additional 91,205 shares during the period. Prosight Management LP boosted its holdings in shares of Corbus Pharmaceuticals by 107.7% in the 4th quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company’s stock valued at $3,186,000 after purchasing an additional 140,000 shares during the last quarter. Finally, Orbimed Advisors LLC grew its stake in shares of Corbus Pharmaceuticals by 28.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company’s stock valued at $13,833,000 after buying an additional 259,735 shares during the period. 64.64% of the stock is owned by institutional investors and hedge funds.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.